The FNB/BER CCI declined from +5 index points in 1Q2012 to -3 index points in 2Q2012. Consumers’ rating of the prospects for the national economy, the outlook for their own finances and the appropriateness of the present time to buy durable goods all deteriorated notably during 2Q2012. Consumer confidence is currently at its lowest level since absorbing the serial shocks of early 2008. Coupled with a deterioration in the outlook for household income growth, the decline in consumer confidence foreshadows a substantial slowdown in the growth in household consumption expenditure during the remainder of 2012.

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